Foreign financial giants to enter Beijing
(Xinhua)
Updated: 2006-02-25 10:01

Five financial organizations from overseas, including Goldman Sachs, Bank of America, JP Morgan Chase, Royal Bank Canada, and Swiss Bank, have planned to set offices and branches in Beijing this year.

Allured by the policy that China's financial industry will be opened comprehensively, foreign financial giants have accelerated their steps of entering China, Beijing Business Today reported on Friday.

Since 2004, Beijing financial street has attracted 20 foreign financial organizations. The above five financial giants will also enter financial street and open business by the end of this year.

An official in charge of the financial street commercial chamber said that with three five-star hotels there and other facilities completed, the financial street will surely become an international business center.

The Beijing municipal government issued a regulation on promoting financial industry development this February, which is also applicable for foreign financial organizations.

Financial enterprises which have been newly established in Beijing or moved to Beijing will get one-off subsidies from 5 million yuan (US$621,658) to 10 million yuan (US$1.25 million) in accordance with their size.